MUMBAI: The NDTV initial public offering was oversubscribed by 3.3 times when it opened on the stock exchanges this morning.Most bids came in at the upper band price of Rs 70, say reports.

Bids for about 57.2 million shares were received today. The issue closes on 28 April, with JM Morgan Stanley, Kotak Mahindra Capital Company and ICICI Securities as the lead managers.

NDTV is seeking to raise Rs. 1,090 million through an initial public offer (IPO) and has chosen the book building route for the issue. The IPO comprises fresh issue as well as an offer for sale. The company has said that it would reserve Rs 90 million for NDTV employees.

Shares of the company were listed on the Mumbai and National Stock Exchanges in a price band of Rs 63-70 per share of Rs 4 each.

According to the prospectus, the net proceeds raised from the issue would be deployed towards "working capital requirements, repayment of loans and for general corporate purposes." Net proceeds from the sale of existing shares (5.9 million shares) will be paid to the selling shareholders.